The domestic call for rebalancing growth

The rebound of the Chinese economy will boost hopes of a steady revival in the global economy this year.

With the world's third largest economy expanding 8.7 percent last year, it seems like this is a good time to breath a sigh of relief. So far, the worst global recession in decades hasn't been as debilitating as most were afraid it would be.

But if the warnings are true that global growth may still weaken in the second half of this year, Chinese policymakers should waste no time in addressing the country's excessive dependency on investment and export for growth.